New Tax Year, New System. Time for a change!

April 4, 2017

Now that spring has officially sprung, it’s almost time for a new tax year. Whether you currently use spreadsheets, or a desktop or online accounting system, if you’ve been thinking about making the switch to a cloud system then a new tax year is the perfect time. Here’s why the first week of April is the best time to move to a cloud accounting system.

A new accounting year begins in April 2017

For many limited companies, 1st April is also the start of their new accounting year, for sole traders this is often 6th April, and for all businesses 6th April marks the beginning of a new payroll year. The new accounting year is the point in the year when accounts from the previous year are being finalised and you’re starting afresh for the new year.

Less work for you if you switch now

At the start of a new accounting year, the amount of information you need to input into a new accounting system is much less. You can just carry over a few summary figures for example:

your accounting dates

how much your business owned and owed as at the end of the previous accounting year – for example, how much cash you had in the bank, what your customers owed you, what you owed to your suppliers, and so on

if your business is VAT registered, then your VAT registration number

If you’re midway through a quarter in April, you’ll need these plus just a few more details.

If you are already using accounting software the historical data can be imported into the new cloud software. Switching accounts is also a very simple process. We send a Clearance letter to your old accountant requesting your information/accounts history and then the accountant would forward this to us for a smooth handover.

It’s also worth noting that even if you are 11 months into your tax year or it’s complete we can still do the end of year accounts work because if the accountant hasn’t started it they can’t bill for it… and you will probably be in credit….Otherwise we start a new year from scratch which isn’t a problem either.

Why choose to switch to Cloud Accountancy in April?

When you use cloud accountancy software in your business you save time, you’re better organised and you have a better insight into your financial position.

Is cloud software easy to use? YES!

Will it save time? YES!

Will it make me more productive? YES!

Will my customer service levels improve? YES!

Will it be safe and secure? YES!

How much will it cost me? We offer it for FREE to our clients!

There are many different cloud accountancy providers but at The Profit Key we have chosen those who we believe to be the market leaders to work with and who offer great service and back up. You can learn more about each system by clicking on the names, these are;

We are so confident about the benefits of cloud based software that we provide it for FREE to our cloud clients as part of one of the 3 great packages.

Switching to cloud accountancy will also make your business compliant with the new government initiative ‘Making Tax Digital’ which means all businesses will soon need to submit their tax returns online. You can read more about this in our simple guide to ‘Making Tax Digital’ by clicking here

So, call our accountancy team today on 01530 416555 and make the switch to an easier, more efficient accountancy system.

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